South Korea announces $29 bn to fight economic crisis due to pandemic

The government puts in place support measures equivalent to about 14 per cent of gross domestic product to counter the economic fallout from the coronavirus

South Korea unveiled on Wednesday a 35.3 trln won ($28.8 billion) supplementary budget, to raise the total stimulus to 270 trillion won for an economy facing its worst growth since the 1998 Asian financial crisis due to the coronavirus pandemic.

Announcing South Korea's largest ever supplementary budget, and the third this year, the government has put in place support measures equivalent to about 14 per cent of gross domestic product to counter the economic fallout from the coronavirus, the Reuters reported.

The latest budget aims to direct more spending on protecting jobs, development of a vaccine for Covid-19, and to